Recession-Proof Your Practice

3 Things to Do Now to Help Your Health Care Practice Weather the Storm of a Bad Economy

Life has its ups and downs, and so does the economy. Small swings in the economy are normal, but when there are big drops in the economy coupled with high inflation, it can be very stressful for businesses. 

Despite how stressful it can be, you’ll need to put those nightmarish thoughts of losing your practice on the back burner. With these steps you can help recession-proof your healthcare practice and weather the storm

1 | Increase Patient Outreach

Now is not the time to cut back on marketing and patient outreach. Patient outreach through marketing is a critical component of your business. It provides lead generation as well as cultivating a loyal patient base. When you strip that out of your business plan, it’s like cutting the oxygen off to your practice. 

However, you will need to change how you reach out to your patients. First, remind your patients that life does continue on. Critical healthcare needs are not going to go on pause just because a recession or economic downturn is happening. People still need health care no matter what is going on with the economy. Waiting to care for needs until the economy is better could have some negative results; health problems or conditions could worsen and care will end up costing more in the end. A proactive approach to care should still be a top priority, even in a bad economy. 

When you remind your patients that life continues, you still need to speak to them from a place of understanding. Speak to your demographic based on what is happening in society. Let them know that you understand that times are tough for so many right now. Showing that you understand and care about your patients builds trust and long-term patient loyalty, helping you make it through a recession. 

To help keep appointments filling the books, continue to send out follow-up reminders automatically, send out newsletters, and if you haven’t already, set up a page on your website where patients can book an appointment. Today’s patients expect convenience and the younger generations especially look for online appointment forms. 

2 | Streamline

Streamline what you can! Focus on what is generating revenue and streamline your workflow to match that. This can include limiting administrative time. While some administrative processes are necessary for patient care, such as locating patient data or collecting insurance claims, this can suck up your time, which could otherwise be spent seeing more patients. Find a system that works for you and your team, keeping you organized and on top of it. This will help cut down on wasted time and allow you to provide better patient care, further improving long-term patient loyalty. 

3 | Plan Ahead with a Budget

Having a budget is a normal part of business as it helps you allocate resources and manage your expenses, but you should always have a plan B for an economic downturn or recession. When you see a recession or major downturn looming, check in with your budget and take some remedial measures before things get out of control.

Start by estimating your monthly and annual income and expenses. This will help you know where you are currently and can help you develop a plan of action. Next, figure out what expenses you can cut or eliminate. It’s also a good idea to know what upcoming life events are happening that might affect your ability or your team’s ability to work (such as a wedding or baby). It’s also a good idea to start saving money now where you can. You never know when the price of rent will go up or when you might not have enough income in a month. Starting that extra padding now can really be a lifesaver. 

Key Takeaways

Recession can be scary, but when you plan ahead, it can make it less stressful. Streamlining your process, budgeting, and saving money ahead of time can all be important, but the most crucial aspect to recession-proofing your practice is continuing patient outreach. Speaking to your patients from a place of understanding, and reminding them that healthcare needs don’t stop during a bad economy can help keep them coming in the door even when times are tough. It is these relationships built on trust and understanding that can help your practice deal with whatever comes your way.